Compare MetLife vs. Mutual of Omaha Life Insurance

Even if you're new to the world of life insurance, MetLife and Mutual of Omaha may be familiar names. It makes sense; both companies have a long history in the industry. MetLife traces its roots to 1863, and Mutual of Omaha was founded in 1909. If you're considering buying a policy from either one, it's helpful to understand how the two providers compare.

MetLife Life Insurance Summary

If you're in search of an individual life insurance policy, MetLife's only option is term life. The company also offers group universal and group variable universal policies, as well as accidental death and dismemberment insurance.

You can choose from three different types of term life insurance coverage: basic, supplemental and dependent. Basic policies are typically provided by employers; supplemental term life policies are designed to help you expand your existing coverage. If you have a partner or children, you can buy dependent policies. Keep in mind that MetLife may or may not let you buy these options individually, depending on your existing employer-sponsored coverage.

Mutual of Omaha Life Insurance Summary

Mutual of Omaha offers individual whole, term and universal life insurance policies. Whole life insurance offers affordable lifetime coverage; it also builds a cash value that you can withdraw or borrow against. The premiums are always the same.

The company's term life insurance policies have fixed payments and a duration of 10, 15, 20 or 30 years. You have the option to convert them to permanent coverage. A universal life insurance policy from Mutual of Omaha offers the most flexibility: It accumulates a cash value and gives you the freedom to adjust the death benefit and the frequency or amount of the premiums.

MetLife vs. Mutual of Omaha Life Insurance Comparison of Accessibility

MetLife usually works with employers to provide affordable group coverage; the system isn't optimized for individual customers. If you want to work with the company to buy a term life policy, you'll need to get in touch with an agent directly. The company does not offer online applications, quotes or pricing information.

Mutual of Omaha makes the process much easier. You can get an online quote for whole life and term life policies; if you want universal life insurance, you'll need to talk to an agent for a quote. The company does not offer online applications. If you have questions as you're researching the policy types, you can use the live online chat feature to ask quick questions.

MetLife vs. Mutual of Omaha Life Insurance Comparison of Company Ratings

MetLife gets solid marks from the major rating agencies: A.M. Best (A+), Moody's (A1) and Standard & Poor's (AA-). Mutual of Omaha has identical ratings from A.M. Best (A+) and Moody's (A1) but receives a higher A+ rating from Standard & Poor's. J.D Power's customer satisfaction index gives Mutual of Omaha a 795/1000 and MetLife a 756/1000.

The Better Business Bureau ranks Mutual of Omaha much higher, giving it an A+ rating; MetLife's rating is D-. Reviewers seem to agree, noting MetLife's limited policy options. In comparison, they're impressed with Mutual of Omaha's variety of policies and riders.

MetLife vs. Mutual of Omaha Life Insurance Comparison of Riders

MetLife offers a wide variety of riders, but they're mostly available on group life insurance plans. If you buy extra term life coverage, some riders may not be an option. One of the company's unique riders is The Enricher, which lets you pay extra premiums to increase the death benefits and the cash value.

Mutual of Omaha's list of riders is extensive. It offers a range of unique options, such as a residential damage rider and a disability income rider. To cover potential health problems in the future, you can also buy riders that offer cash payments if you're diagnosed with a critical, chronic or terminal illness.

Rider	MetLife	Mutual of Omaha
Accelerated death benefit	X	X
Accidental death	X	X
Disability waiver of premiums	X	X
Disability income		X
Chronic illness	X	X
Terminal illness		X
Critical illness	X	X
The Enricher	X
Dependent rider	X	X
Residential damage		X
Common carrier death	X	X

Choosing the Right Insurance Company for You

If you're purchasing life insurance on your own rather than through your employer, Mutual of Omaha offers more options and stronger ratings. To make sure you're selecting the best provider for your needs, review each company's offerings, ratings and reviews thoroughly. When you have all the information, you can make a confident, thoughtful choice.